Old Mutual to fire CEO Peter Moyo for breaching dividend payment rules

Old Mutual plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest.
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By Vernon Wessels and Roxanne Henderson

(Bloomberg) – Old Mutual Ltd. plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest.

The board gave Moyo a "notice of termination of employment" and will "shortly" start the process to find his replacement, the Johannesburg-based insurer said in a statement. Chief Operations Officer Iain Williamson will continue as acting CEO. Moyo declined to comment when contacted by phone.

The 174-year-old insurer suspended Moyo last month to investigate a conflict involving his investment firm NMT Capital. It found a breach of dividend payments of R115m ($8m), of which the benefit to Moyo's NMT was about R31m, Old Mutual said. No clear explanation was given on why the payments were declared outside of the insurer's policies."The board came to the conclusion that there was a material breakdown in trust and confidence," it said.

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